PPS Newsflash: Glitches experienced in the migration of ASIC company charges to the PPS Register

Due to technical “issues”, just over 6,000 charges were not migrated to the PPS Register from ASIC’s Australian Register of Company Charges during the data migration of 28-29 January 2012. Because those charges missed the migration deadline, ASIC cannot now migrate them and they must be registered on the PPS Register by or on behalf of each chargee/secured party. ASIC says it is notifying the affected parties.

To find out which charges failed to be migrated, check the list that ASIC has published here.

There were other problems experienced in the migration of ASIC charges –

  • For some reason, ASIC charges were migrated using ABNs rather than ACNs, in about two-thirds of cases. However the PPS register was expecting it to be done by ACNs, and was designed to store only a single organisation number. This has meant that searches for migrated ASIC registrations by ACN have been unreliable. Users have been advised to undertake searches using the relevant ABN, ACN and organisation name – see the PPSR announcement here.
  • Charges registered on the ASIC register of company charges with more than one chargee (secured party) were migrated to the PPSR with only one secured party in the “secured party group” (SPG). Approximately 25,879 registrations are affected by this problem. It has been suggested that the affected security interests will need to be re-registered by the most appropriate external party – see the PPSR announcement here.
  • Charges that were discharged on the ASIC register after the initial data load have been migrated to the PPSR, and appear there as current charges. Secured parties can apparently discharge these registrations on PPSR themselves, without incurring a fee.

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